Iraqi News Saturday Afternoon 2-19-22
Iraqi News Saturday Afternoon 2-19-22
TLM724 Administrator BondLady’s Corner
Al-Maliki sends a request to the Central Bank regarding the price of the dollar
Political 06:35 - 19/02/2022 Baghdad - Mawazine News The head of the State of Law Coalition, Nuri al-Maliki, sent a request to the Central Bank of Iraq.
Al-Maliki said in a tweet via Twitter, "To alleviate the suffering of the Iraqi people, especially the poor classes, due to the devaluation of the Iraqi dinar, which led to a significant increase in commodity prices, which we had previously warned about and boycotted the voting session on the 2021 budget because of it."
He added, "After the noticeable rise in the price of oil in global markets, we demand the central bank to take a decision to return the exchange rate by a mechanism that does not cause new damage to citizens and economic activities." https://www.mawazin.net/Details.aspx?jimare=185111
Exchange Rate And Market Stability
Saturday 19 February 2022 202 Baghdad: Mustafa Al-Hashemi A group of economic specialists called for a study of market conditions and their proportionality with the citizen’s income before taking any step regarding the exchange rate adjustment, unless it is positive for the citizen in the first place and the markets in the second degree, because the citizen is the active element in this equation,
at the time when the financial advisor suggested Prime Minister Mazhar Muhammad Salih, a mechanism to address the side effects of changing the exchange rate, specialists stressed the need to provide electricity to factories, and implement advanced marketing plans for local production to ensure the reduction of import and dependence on the national product.
Saleh said, in a statement to the Iraqi News Agency (INA), "It is time for fiscal policy to play its active and important role in addressing the side effects, which resulted from the change in the exchange rate and its effects on income, especially the poor and low-income classes being negatively affected by price failures without Compensation".
Tax Cuts
Saleh added, "This aspect directly bears the importance of reducing customs taxes in a tangible way on imported foodstuffs, medicines and local production supplies, as well as restructuring government support for goods and services that directly affect the poor social classes."
For her part, economic researcher Aya Adel said that “one of the means to achieve stability in the Iraqi market is to provide the national product with all its ramifications, whether it is a food or electrical industry and others.”
Save Electricity
Adel indicated to “Al-Sabah” that “the factories of the Ministry of Industry companies, for example, produce equipment, devices and clothing, but they lack marketing plans, and above all that they suffer from a lack of electricity, which is the problem of industry in Iraq, whether it is for the public sector or for the public sector.
The private". In turn, the economic researcher Khaled Abdel Hussein pointed out that “any decision that will be taken on the side of adjusting the exchange rate will have repercussions, even if the intention is to achieve positive results,”
explaining that “this decision will confuse local markets, especially after the decision of the Central Bank has passed more than more than one year.” A year, during which the markets witnessed a new pattern with which the citizen became acquainted for a long time duration.”
Market Conditions
Abdul-Hussein considered “the necessity of studying market conditions and their compatibility with the citizen’s income before taking any step regarding the exchange rate adjustment.
Relationship".
And he indicated that “the relevant authorities are represented by the ministries of Finance, Planning, Interior and Economic Security, along with the Ministry of Commerce and the Central Bank. The Ministry of Finance is responsible for customs and taxes, and the Interior pursues smuggling and industrial fraud, and the Ministry of Planning is responsible for drawing up inflation policy and limiting price increases, and the Ministry of Commerce is related to its role.” By controlling imports, the central bank will decide the final decision to raise or lower the exchange rate The dollar.” LINK
A Significant Decline In The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:29 - 19/02/2022 Baghdad - Mawazine News, the dollar exchange rates recorded, on Saturday, a noticeable decline in the main stock exchange and local markets in the capital, Baghdad, prior to the Parliament’s meeting with Finance Minister Ali Allawi, and the Governor of the Central Bank of Iraq, Mustafa Ghaleb, to discuss the exchange rate.
The dollar exchange rate fell on the Central Kifah Stock Exchange in Baghdad today, recording 146,500 dinars, for each $100 bill.
The prices of buying and selling the dollar also decreased in exchange companies and local markets in Baghdad, where the selling price reached 147,000 dinars, for each denomination of 100 dollars, while the purchase prices amounted to 146,000 dinars, for each denomination of 100 dollars. https://www.mawazin.net/Details.aspx?jimare=185064
After Being Suspended Since 2011. Efforts To Legislate The Oil And Gas Law
Saturday 19 February 2022 216 Baghdad: Muhannad Abd al-Wahhab The Federal Court's decision to prevent the Kurdistan region from selling oil and contracting with international companies sparked conflicting reactions between Mubarak and a rejectionist, and these opinions only come as they link the current political crisis to the decision.
Oil expert Salah al-Moussawi says: "The repercussions of the decision on the region and on the political system are serious, and it reduces the intensity of the tendency to establish regions."
Al-Moussawi believes, during his interview with "Al-Sabah", that "the region benefited from what is worth 20 billion dollars annually by selling oil to Iran and Turkey, without paying the revenues to the federal government," noting that "the so-called development of oil fields came with large sums, one of which amounts to a percentage of 80% of the proceeds go to Turkey and 19% to the region, while 1% is sent to the federal government.
As for the oil expert, Hamza Al-Jawahiri, he says: "The decision ended the controversy between the federal government and the regional government regarding the interpretation of the constitutional paragraphs related to oil and gas, and therefore considered that all the steps taken by the region in developing fields and selling oil, in addition to the region's contracts with international companies, are unconstitutional." .
Al-Jawahiri added to "Al-Sabah" that "the decision of the Federal Court is at the same time an interpretation of all the constitutional articles related to oil and gas," stressing that "the oil and gas law will solve all controversy and problems, and the road has become paved for the approval of the oil and gas law that has been suspended in Parliament since 2011. It was submitted by the government and it was read twice.”
The expert pointed out that "the government should ask the region to hand over all the oil files and fields that it developed, in addition to sovereignty over the pipeline with Turkey and negotiate with Ankara about it to return it to the federal government," adding that "the federal government should negotiate with the Kurds to allow for financial control and the two ministries of finance." and oil to audit oil accounts.
And he continued, by saying: "The Prime Minister of the Territory commented on the decision that the regional government did not respond to the Federal Court's decision, and not to retreat from the region's oil policy and not to hand anything over to the federal government," noting that "Baghdad must return to the policy of depriving the region of the right to budget, until End the file and ensure that the oil pipeline is in the hands of the federal government 100%.
The former representative of the Kurdistan Union in Kirkuk, Jamal Muhammad Shakur, said: "The crisis generated by the Federal Court's decision represents a constitutional defect, despite its legality, but the time of its announcement is political."
Shakur continued, in press statements, that "the Federal Court has not challenged the constitutionality of the oil and gas law in the Kurdistan region over the past 14 years, which puts the decision in the context of targeting and political pressure against the regional government," noting that "the decision targeted the rights of the Kurds, which came after sacrifices and blood." Martyrs, persecution and deprivation for tens of years over successive governments.”
The deputy urged everyone to "find solutions and understandings that guarantee the Kurdish people their constitutional and national rights, and to keep political disputes away from the interests of a major entity in the map of Iraq."
For his part, the former representative of the Kurdistan Democratic Party Bashar al-Kiki said that the esteemed Federal Court preferred the value of oil over the rights and gains of the people of the Kurdistan Region, and imposed on them non-reciprocal obligations with the federal government.
The decision of the Federal Court, last Tuesday, obligated the Kurdistan Regional Government to hand over the entire oil production from the oil fields in the region and other areas from which the Ministry of Natural Resources in Erbil extracted oil and handed it over to the federal government, enabling it to use its constitutional powers regarding oil exploration, extraction and export.
And the Kurdistan region began to sell its oil in isolation from the federal government, after a stifling financial crisis as a result of the collapse of oil prices during the invasion of ISIS, in addition to the disputes with Baghdad, which prompted the latter to stop paying the salaries of the region’s employees.
The federal government says its national oil company, SOMO, is the only one authorized to sell Iraqi crude, and given that the oil and gas law remained locked up due to controversies, there was room to maneuver. LINK
Tens Of Billions Of Stolen Money Are Awaiting Prosecution
Saturday 19 February 2022 168 Baghdad: Huda Al-Azzawi Experts in law and anti-corruption called for the activation of a set of laws and judicial and administrative procedures inside Iraq before the initiative to recover the looted funds, estimated at tens of billions of dollars, and found safe havens in multiple countries. overcome them to ensure the recovery of those money.
And the former member of the Anti-Corruption Council, Saeed Yassin, said in an interview with "Al-Sabah", that "Iraq has legal measures that it must take in pursuit of its looted money, and according to the report of the Integrity Commission, which clarified that there are files to recover money that were prepared for the claim, but we need Inside Iraq, there are legal and judicial procedures related to the quality of judgments.
He pointed out, "the need to know the addresses, residence and residence of the wanted persons inside and outside Iraq, and we also need to match the legal concepts between Iraq and the countries of the sanctuary for money, accused, convicts and wanted persons, and we also need to invest (the United Nations Convention against Corruption) with the countries of the parties in addition to (the Arab Convention against Corruption).
By concluding a framework agreement for states and concluding bilateral agreements with the sanctuary states in order to establish a recovery mechanism, because there are crimes criminalized in Iraq and the same crime is not criminalized in the sanctuary states.
He explained that "the countries evade meeting the requirements because these funds have been integrated into the national economies, which means that in the event of freezing, seizing and recovering these funds to Iraq, they will affect the economies of those countries, which requires Iraq in the event of seizure, freezing and approval to recover these funds from the countries. That there be a timetable, and the most important thing is to register these funds in the name of Iraq, and then comes the stage of corruption returns, and this is important if these funds work and have returns in those Countries".
He pointed out that "in the economic activities of these funds, there are returns that must be included in the recovery process, as we have the origin of the amount and the proceeds of this stolen amount," and explained that "regardless of the countries, some of them were mentioned casually, including Britain, which is suspected of having ten billion dollars from The looted Iraqi money is real estate, and the same is found in Jordan and Lebanon, and in the latter there is an economic collapse and the money that is to be recovered is affected.”
The expert and anti-corruption activist stressed, "Iraq's need for international cooperation, meaning the exchange of legal information and the exchange of criminals, and before recovery, we need preventive measures on the movement of funds and filling legal loopholes in Iraq, including legislating the law of contracts, tenders and government procurement, not to be instructions, in addition to not Setting an exception for any institution to conduct contracts without a commitment to competition and direct invitation to one party and not to several parties, meaning that those contracts are referred to the private sector entities to compete.
Yassin noted "the need to control remittances because there are suspicions that the money transferred abroad for import is not equivalent to the amount of goods supplied to Iraq," and explains that "when remittances are $45 billion abroad for import, we monitor commodity revenue not equal to more than $15 billion. ".
He pointed out, "It is necessary to know the shareholders of these companies that are imported from and that operate inside Iraq, and who are the participants? And the members of the board of directors, are they politicians of the rank of general manager or above? This is important to open the issue of graft and apply the principle (from where did you get this from). ?)".
For his part, legal expert Ali Al-Tamimi said in an interview with "Al-Sabah" that "Article 50 of the United Nations Charter allows countries that fight terrorist groups or even countries under Chapter VII of the UN Charter to request the Security Council for economic assistance, including the recovery of these funds, as Iraq fought (ISIS) subject under Chapter VII under Security Council Resolution 2170, and there is an agreement issued on the recovery of smuggled funds issued by the United Nations in 2004 and signed by Iraq in 2007 that allows the claim of these illegally smuggled funds, and this requires coordination between integrity and foreign affairs and intelligence to activate this file. LINK
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